The Chinese government is also targeting insurance tech platforms over marketing and pricing, and even the liquor industry over volatile pricing, PYMNTS reported. The TikTok app is certainly familiar to everyone who has spent time online in the last couple of years. Regulators are casting a wider net, with the crackdown moving beyond tech companies’ payment operations and probing their social reach and data collection. See also: Wide-Ranging Chinese Crackdown Could Grow Wider Alipay and WeChat Pay had a 55.4 per cent share and 38.5 per cent share, respectively, in China’s mobile third-party payment market at the end of June last year, according to data provided by. The move by ByteDance comes as Chinese watchdogs ramp up regulations and oversight on tech firms, forcing them to spin off FinTech operations as separate companies and meet stricter capital requirements. Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Groups 688688.SS Alipay and Tencent Holdings 0700.HK WeChat Pay, the countrys two ubiquitous third. See also: ByteDance Sets Up Mobile Payments For Douyin Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Group's Alipay and Tencent Holdings' WeChat Pay, the country's two ubiquitous third-party mobile payment.
Douyin Pay also has Ant's Alipay and Tencent’s WeChat Pay on its payments platform. The company runs its own third-party payments app - Douyin Pay - to process eCommerce transactions on the Chinese version of TikTok called Douyin. TikTok owner Byte Dance launches Douyin Pay which is a mobile payment service for China on Tuesday, it is a third-party payment service for the Chinese. Douyin users have been using rival payment services from Ant Group. Douyin Pay enables users to buy virtual gifts on the platform, according to a Reuters report. See also: ByteDance Acquires Mobile Games Maker Moonton Technology ByteDance, owner of short video sharing platform services Douyin (China) and TikTok (U.S.), has reportedly launched a payment service for the 600 million users of the Douyin platform. See also: ByteDance Ramps Up eCommerce Hiring, SponsorsįinTech expansion didn’t hold great importance to ByteDance, which instead has been focusing on growing its other business units, such as eCommerce and gaming, sources said previously per Reuters. 2).īyteDance, headquartered in Beijing, runs Songshu Zhengquan - translated as Squirrel Securities - in Hong Kong, as well as Haitun Gupiao - translated as Dolphin Stocks - in mainland China. On Twitter, Facebook, Google News, and Instagram.TikTok parent ByteDance is curtailing its FinTech operations and selling off its stock brokerage business as Chinese regulators continue to wield power over companies that offer financial services, Reuters and other news outlets reported on Thursday (Sept. Reporting by Yingzhi Yang and Brenda Goh.įollow HT Tech for the latest tech news and reviews, also keep up with us Other players include JD.com's JD Pay, Baidu Wallet and Meituan Pay. It provides a glimpse of what TikTok could eventually become, as Douyin started selling merchandise in 2017 and now operates a growing e-commerce operation where hundreds of millions of users shop on a daily basis.īyteDance's expansion comes as China's financial regulators are tightening oversight over financial technology firms, particularly companies such as Ant Group.Ĭhina's third-party payment sector is dominated by Alipay and WeChat Pay, with the former taking 55.39% of the total market in the second quarter of last year, according to market researcher Analysys.
DOUYIN CHINESE TIKTOK PAY WECHAT PAY GENERATOR
The company, which denies the allegation, has been in talks for months with Walmart Inc and Oracle Corp to shift such assets into a new entity.ĭouyin is the main revenue generator for ByteDance. BEIJING (Jan 19): Beijing-based ByteDance recently launched its own third-party payment service for Douyin, the Chinese version of its hit short video app TikTok, as it presses to expand into the e-commerce business in China.'The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,' Douyin said in a statement to Reuters. BEIJING (Reuters) Beijing-based ByteDance recently launched its own third-party payment service for Douyin, the Chinese version of its hit short video app TikTok, as it presses to expand into the e-commerce business in China.
DOUYIN CHINESE TIKTOK PAY WECHAT PAY LICENSE
Hezhong Yibao obtained a third-party payment license from the central bank in 2014.īyteDance has been ordered by the outgoing Trump administration to divest TikTok's U.S. Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Groups 688688.SS Alipay and Tencent Holdings 0700.
Local Chinese media reported on Tuesday that Douyin Pay had been launched.īyteDance founder and Chief Executive Zhang Yiming built up the company's payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co last year.
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